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20 May

Less is more – MTD regulations relaxed

  • Value Added Tax

Starting from April 2019, most VAT-registered businesses that have a taxable turnover over £85,000 are required to keep their VAT records digitally and use Making Tax Digital (MTD) compatible software to submit their VAT return information to…

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20 May

Claim for money owed to you

  • General

If you are owed money by an individual or business, there is a procedure you can use called making a court claim. This was more commonly referred to as taking someone to a 'small claims court'. Before making a claim, you should try to…

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20 May

Reasonable excuses for late payment or filing

  • General

There are a number of options open to taxpayers who disagree with a tax decision issued by HMRC. As a first step, it may be possible to make an appeal against a tax decision. There is normally a 30-day deadline for making a claim, so time is of the…

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20 May

VAT Margin Scheme on sales of vehicles

  • Value Added Tax

A Margin Scheme is an optional method of accounting which allows certain businesses to calculate VAT based on the 'value' they add to the goods they sell, rather than on the full selling price. Without the use of the Margin Scheme,…

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20 May

Pre-trading expenses for a rental business

  • Corporation Tax

There are special rules for the pre-trading expenses of a rental business. If the expenses were in relation to a letting, then a deduction may be allowed where the following conditions are met: The expenditure is incurred within a period of seven…

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20 May

Companies eligible for Group Relief

  • Corporation Tax

Corporation Tax relief may be available when a company or organisation makes a trading loss. Companies that are eligible for Group Relief can transfer losses and certain other deficits to companies within the same group by means of Group or…

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20 May

Seed Enterprise Investment Scheme

  • HMRC notices

The SEIS provides for extensive Income Tax and Capital Gains Tax (CGT) breaks for investors and this greatly encourages much needed seed capital in new businesses. The SEIS is most valuable for taxpayers who can fully benefit from the tax reliefs on…

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19 May

The Pensions Regulator targets law-breaking employers

  • Employment Law

Employers who flout their automatic enrolment pension duties are being targeted with short-notice inspections by The Pensions Regulator (TPR). TPR is using data to pinpoint specific employers across the UK who are suspected of breaking the law,…

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14 May

Want to pay-off your student loan in full?

  • Income Tax

Student Loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, and it is HMRC’s responsibility to collect…

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14 May

Tax on a private pension you inherit

  • Pension

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on a private pension you inherit. The person who died will usually have nominated you by telling their pension provider that…

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14 May

CGT and chattels

  • Capital Gains Tax

A charge to Capital Gains Tax (CGT) usually arises after an asset is sold. However, there are special rules concerning the sale of certain personal assets that are worth considering. That is because these assets or possessions with a predictable…

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14 May

Entrepreneurs’ relief minimum period increased from April 2019

  • Capital Gains Tax

Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital Gains Tax (CGT) of 10% is payable in place of the standard…

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